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Home loan outlays rise to HUF 77.7 bln in January

Sustainability

Hungarian banks signed home loan contracts worth HUF 77.69 billion in January, 23% more than in the same month a year earlier and 0.9% more than in December, state news wire MTI reports, citing data released by the National Bank of Hungary (MNB).

Monthly home loan outlays have risen since November. Home loan outlays reached HUF 909 bln last year and averaged HUF 75.8 bln a month.

The share of home loans with rate fixed for a period of longer than one year was at 97.8% in January, compared to a 94.6% rate a year earlier. MNB has been making a concerted effort to push consumers towards fixed-rate mortgage loans instead of variable-rate ones.

The APR (Annual Percentage Rate) for home loans stood at 4.39% in January, barely up from 4.38% in December and down from 5.32% in the same month a year earlier.

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